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Fund firms call on EU to accelerate Ucits III changes

Fund managers are calling on the EU to speed up the execution of its white paper simplifying aspects of Ucits III.

The white paper on enhancing the single-market framework for investment funds, published last week, ends a two-year consultation on how to simplify the Ucits III directive.

It includes reforms of the simplified prospectus, product passport and management company passport, which will allow fund firms to sell products into Europe more easily.

The European Commission is expected to publish a formal proposal next autumn.

Fidelity director of regulatory strategy Gareth Adams says: “Having accepted the need to enhance the efficiency of the Ucits legislative framework and reduce the costs involved, we would like to see the commission move quickly to publish the legislative proposal.”

Investment Management Association deputy chief executive Sheila Nicoll says: “We are very pleased the commission has understood the need to support the European fund industry as it restructures to meet new competitive challenges and the changing needs of European investors. Now it is a question of making it happen.”

Credit Suisse senior product manager Toby Hogbin says: “Anything that enhances a simplified European platform is to be welcomed.”

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